Gigi’s credit card situation is out of control because she cannot afford to make her monthly payments. She has four credit cards with the following loan balances and nominal interest rates: Card 1, P50,000, 21%; Card 2, P75,000, 24%; Card 3, P25,000, 18%; and Card 4, P100,000, 15%. Interests compounds monthly on all loan balances. Gigi has ultimately decided to consult a credit card loan consolidation company to cover all her credit card dues within a 24-month payment schedule. If all of these credit cards are acquired on the same time, answer the following questions: 1. What is the monthly payment due for Card 1? (Round off to the nearest 2 decimal places 2. What is the monthly payment due for Card 2? (Round off to the nearest 2 decimal places) 3. What is the monthly payment due for Card 3? (Round off to the nearest 2 decimal places) 4. What is the monthly payment due for Card 4? (Round off to the nearest 2 decimal places)
Gigi’s credit card situation is out of control because she cannot afford to make her monthly payments. She has four credit cards with the following loan balances and nominal interest rates: Card 1, P50,000, 21%; Card 2, P75,000, 24%; Card 3, P25,000, 18%; and Card 4, P100,000, 15%. Interests compounds monthly on all loan balances. Gigi has ultimately decided to consult a credit card loan consolidation company to cover all her credit card dues within a 24-month payment schedule. If all of these credit cards are acquired on the same time, answer the following questions:
1. What is the monthly payment due for Card 1? (Round off to the nearest 2 decimal places
2. What is the monthly payment due for Card 2? (Round off to the nearest 2 decimal places)
3. What is the monthly payment due for Card 3? (Round off to the nearest 2 decimal places)
4. What is the monthly payment due for Card 4? (Round off to the nearest 2 decimal places)
5. What must be the rate of return of the funds provided by the credit card loan consolidation company to cover all her credit card dues? [Assume that rate of return is compounded monthly as well.] (Place your answer in percentage format and round off to the nearest 2 decimal places)
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